Finty
Gateway Bank

Gateway Bank Commercial Plus Loan

Term loan

Term loan from Gateway Bank, with rates from 9.19% a year.

Written byDavid Boyd
Interest rate a year, from
9.19%
Establishment fee
None
Monthly fee
$25
Borrow
$4,000,000 to $10,000,000

Monthly repayment

$4,000,000 over 5 years

Apply now

What it would cost

At the lowest published rate of 9.19%, including the monthly fee. The rate you are offered depends on your business, and the establishment fee is not included.

Monthly repayment
$83,428
Total repayments
$5,005,666
Interest and monthly fees
$1,005,666

Loan details

Rates

Interest rate (a year)
9.19%–9.29%
Rate type
Variable
Security
Not published
Type of finance
Term loan

Limits and fees

Loan amount
$4,000,000 to $10,000,000
Loan term
Not published
Establishment fee
None
Monthly fee
$25

How it compares

Against the other business loans we compare. Typical means the middle half of them.

Setup fee

None

A typical setup fee is $26.

Monthly fee

$25

A typical monthly fee is $25.

Most you can borrow

$10,000,000

Typically you can borrow up to $5,000,000.

Pros and cons

Pros

  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 9.19% to 9.29%, and only some people get the starting rate.
  • A $25 monthly fee. That adds $1,500 over 5 years, as well as the interest.
  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Business loans of the same kind from other lenders that start at a similar interest rate.